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The trend measure of housing starts was little changed last month, CMHC reported

Some of Canada’s largest banks and mortgage lenders are helping wealthy Chinese investors bend China’s rules on moving funds, to enable them to invest in Canadian property. An investigation by the Globe and Mail found that there were more than 8,200 suspicious transactions reported to FinTRAC by financial institutions since 2012 and many of these were facilitated by the banks themselves; they are required to report suspicious activity but not to stop it. The Globe found that, although China’s laws make it illegal to transfer more than U$50,000 overseas, investors use multiple transfers from the accounts of friends and family to get round the restriction.

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